On December 17th, while Bitcoin‘s price began with a slight decline, a weak selling pressure was also felt in other altcoins. But what about the situation on the Cardano (ADA) front? Cardano, one of the biggest smart contract networks, has started its 2023 rally, albeit a bit late. Recent data could be promising for the price.
Cardano released its weekly development report for the year 2023. According to the report, developer activity is on the rise. However, the lack of expected popular applications has not had a significant impact on the price over the years.
While preparations for version 9.0 by core developers continue, the Plutus team working in the smart contract segment has made significant improvements in the cost and sizes of most scripts.
There are approximately 1,300 projects under development on the Cardano network, and 153 of them have been activated. Despite having high development activity, the total value locked (TVL) on the network remains under 600 million dollars.
As Bitcoin’s price undergoes a correction, the test at 43,000 dollars dampened spirits somewhat. In the past, similar periods have triggered rapid price increases that were unsustainable. However, it is difficult to predict what will happen now, and profit-taking sales are starting to dominate. At the time of writing, BTC is finding buyers below 42,000 dollars.